CHAPS (Clearing House Automated Payment System)

CHAPS (Clearing House Automated Payment System) is a secure, real-time electronic system used in the UK for transferring large sums of money quickly between banks and financial institutions. It facilitates same-day, high-value payments, ensuring funds are transferred instantly and reliably. CHAPS is commonly used for transactions like property purchases, business payments, or other significant financial transfers that require immediate clearance. It operates securely, with funds usually settled within hours, providing confidence and efficiency in managing large transactions.